Dhanlaxmi Bank Ltd is an old private sector bank headquartered in Thrissur City, Kerala, India. The bank was focusing mostly on Southern states like Karnataka, Tamil Nadu, Andhra Pradesh and Kerala. Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to their strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that they have grown from strength to strength. Car Loans is the ideal way to finance your new set of wheels. Now you can acquire your favourite small car, sedan or luxury vehicle with flexible repayment options. Read on to learn about the eligibility and documentation requirements for the Dhanalakshmi car loan.
|Interest Rate||9.75% to 10.00%|
|Processing Fees||1% of the loan amount|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% + GST of Principal Outstanding|
The above mentioned interest rates are subject to change as per the revised GST rates.
Dhanalakshmi Bank Ltd was conceived in 1927 and currently has 280 branches. It is headquartered at Thrissur city and offers products and services to meet all your financial needs; including credit cards, mortgage, investment banking etc. In the loans category, car loans is one of the options which is provided at competitive interest rates and flexible repayment options. Customers can opt for new or used car loans in a quick and hassle free process.
It’s really no wonder that customers keep coming back to Dhanalakshmi for all their financial needs. When you choose Dhanalakshmi Bank for a car loan, you get to enjoy the many benefits like hassle-free documentation, flexible repayment etc. You can also get upto 95% financing for the car of your dreams.
Flexible Repayment Tenure
The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.
With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.
Dhanlaxmi Bank has set the MCLR at a benchmark rate which is effective from 7th May, 2016, for the Dhanlaxmi Bank Car Loan. New borrowers will be levied interest based on this system. Existing Dhanlaxmi Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations. The tenure based MCLR rate is as follows:
|Tenure||Rates of Interest Rate of Interest (%) p.a.|
|2 days - 1 month||10.05%|
|More than 1 month - 3 months||10.05%|
|More than 3 months - 6 months||10.35%|
|More than 6 months - 1 year||10.45%|
|More than 1 year - 2 years MCLR||10.50%|
|More than 2 years - 3 years MCLR||10.80%|
|More than 3 years - 5 years MCLR||11.00%|
|More than 5 years||11.20%|
The existing Dhanlaxmi Bank Car Loan Base Rate = 11.40% per annum.
Self-Employed / Professionals:
Private Limited Company and Public Limited Company:
It is a good idea to figure out the EMI before you sign your name on the cheque so you will have an idea of what exactly you are getting into. It also helps in choosing the best terms. It is easy to calculate the EMI using the car loan EMI calculator under the Finance Tools section in Bankbazaar.com.
First you should have at hand the following details: the loan amount, Rate of interest, proposed tenure and processing fee (if any).
No, there are not any Nonrefundable fees or Part Prepayment Charge
Yes, Dhanlaxmi Bank car loan customers can check the status of their car loan applications on the bank’s website via internet banking.
Yes, customers can apply for a Dhanlaxmi car loan online by entering certain personal details, loan amount, residence status and employment type.
Yes, joint applications can be made by Dhanlaxmi Bank customers along with their family members.
Dhanlaxmi Bank charges a processing fee of 1% of the availed loan amount for new car loans.
Yes, applicants are required to carry a good CIBIL score while applying for car loans with Dhanlaxmi Bank.
As per the employment category of the applicant the following income documents have to be furnished -
The maximum car loan amount that will be sanctioned by Dhanlaxmi Bank is 95% of ex-showroom price of the vehicle or 85% of the on-road price.
The minimum tenure that can be chosen by borrowers for a Dhanlaxmi Bank car loan is twelve months.
The maximum tenure that can be chosen by borrowers for a Dhanlaxmi Bank car loan is up to sixty months.
Yes, Dhanlaxmi Bank charges a penalty of 2% of the outstanding amount along with the GST for customers pre-closing the car loan.
Yes, other bank car loan customers can make balance transfers to a new Dhanlaxmi Bank loan account.
Dhanlaxmi Bank customers can download the application form and submit the form with the list of required documents. Dhanlaxmi Bank will conduct verification on the applicant and then sanction the required loan.
Dhanlaxmi Bank generally sanctions car loans with quick processing and fast disbursements and with minimum documentation requirements.
The interest rate for a new car loan is decided as per the base rate and is offered as a fixed interest rate by Dhanlaxmi Bank.
Yes, Dhanlaxmi Bank car loan customers can conveniently contact the toll-free customer care helpdesk number - 1800 425 1747 or through an alternative number, 91 0487 6613000.
Repayments can be done by borrowers using monthly installments through ECS debits or standing instructions.
The other types of additional charges that have to be paid by new car loans borrowers are - documentation charges and processing charges.
No, a guarantor is not required while availing Dhanlaxmi Bank car loans.
No, car loan customers do not have to submit any security collateral for Dhanlaxmi Bank car loans. The hypothecation of the new vehicle is only required.
Dhanlaxmi Bank car loans can be repaid as monthly installments via Dhanlaxmi Bank accounts, post-dated cheques, direct debits or ECS.
No, it is not compulsory to open a savings bank account with Dhanlaxmi Bank, while availing a car loan.
All kinds of private vehicles like sedan, small cars, luxury cars and pre-owned cars are financed by Dhanlaxmi Bank.
Salaried individuals and self- employed professionals aged above 21 years, partnership firms, private and public listed companies are eligible to avail a Dhanlaxmi Bank car loan.
As per the employment category of the applicant the respective income criteria has to be met -
All categories of applicants have to show a minimum annual income of Rs. 1, 20,000 to be eligible for a Dhanlaxmi Bank car loan.
Dhanlaxmi Bank charges a fee of 3% every month for late payments and delayed payments of car loan monthly installments.
The following documents have to be submitted by salaried applicants -
The following documents have to be submitted by self-employed professionals -
The following documents have to be submitted by partnership firms, private and public limited companies -
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